https://www.avient.com/sites/default/files/2025-02/News Release - AVNT-2024.12.31-News Release 2.12.25 2PM_0.pdf
Three Months Ended December 31,
2024 2023
Reconciliation to Condensed Consolidated Statements of Income $ EPS(1) $ EPS(1)
Net income from continuing operations attributable to Avient shareholders $ 48.3 $ 0.52 $ 27.8 $ 0.30
Special items, after-tax (Attachment 3) (18.0) (0.20) 5.4 0.06
Amortization expense, after-tax 14.8 0.17 15.0 0.16
Adjusted net income / EPS $ 45.1 $ 0.49 $ 48.2 $ 0.52
(1) Per share amounts may not recalculate from figures presented herein due to rounding
Year Ended December 31,
2024 2023
Reconciliation to Condensed Consolidated Statements of Income $ EPS(1) $ EPS(1)
Net income from continuing operations attributable to Avient shareholders $ 169.5 $ 1.84 $ 75.8 $ 0.83
Special items, after-tax (Attachment 3) 15.9 0.17 79.3 0.86
Amortization expense, after-tax 59.5 0.65 61.5 0.67
Adjusted net income / EPS $ 244.9 $ 2.66 $ 216.6 $ 2.36
(1) Per share amounts may not recalculate from figures presented herein due to rounding
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Attachment 2
Avient Corporation
Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
December 31,
Year Ended
December 31,
2024 2023 2024 2023
Sales $ 746.5 $ 719.0 $ 3,240.4 $ 3,142.8
Cost of sales 487.0 510.1 2,183.7 2,250.3
Gross margin 259.5 208.9 1,056.7 892.5
Selling and administrative expense 173.9 165.8 727.4 695.7
Operating income 85.6 43.1 329.3 196.8
Interest expense, net (25.5) (26.8) (105.6) (115.3)
Other income, net 3.2 4.3 1.1 5.8
Income from continuing operations before income taxes 63.3 20.6 224.8 87.3
Income tax (expense) benefit (14.8) 7.0 (54.1) (11.0)
Net income from continuing operations 48.5 27.6 170.7 76.3
Income (loss) from discontinued operations, net of income taxes — 0.8 — (0.1)
Net income 48.5 28.4 170.7 76.2
Net (income) loss attributable to noncontrolling interests (0.2) 0.2 (1.2) (0.5)
Net income attributable to Avient common shareholders $ 48.3 $ 28.6 $ 169.5 $ 75.7
Earnings per share attributable to Avient common shareholders - Basic:
Continuing operations $ 0.53 $ 0.30 $ 1.86 $ 0.83
Discontinued operations — 0.01 — —
Total $ 0.53 $ 0.31 $ 1.86 $ 0.83
Earnings per share attributable to Avient common shareholders - Diluted:
Continuing operations $ 0.52 $ 0.30 $ 1.84 $ 0.83
Discontinued operations — 0.01 — —
Total $ 0.52 $ 0.31 $ 1.84 $ 0.83
Cash dividends declared per share of common stock $ 0.2700 $ 0.2575 $ 1.0425 $ 1.0000
Weighted-average shares used to compute earnings per common share:
Basic 91.4 91.2 91.3 91.1
Diluted 92.2 91.9 92.0 91.8
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Attachment 3
Avient Corporation
Summary of Special Items (Unaudited)
(In millions, except per share data)
Special items (1)
Three Months Ended
December 31,
Year Ended
December 31,
2024 2023 2024 2023
Cost of sales:
Restructuring costs, including accelerated depreciation $ (4.6) $ (2.0) $ 1.0 $ (11.9)
Environmental remediation costs (6.8) (17.2) (35.0) (69.7)
Reimbursement of previously incurred environmental costs 34.7 1.6 34.7 1.6
Impact on cost of sales 23.3 (17.6) 0.7 (80.0)
Selling and administrative expense:
Restructuring and employee separation costs (2.6) (1.1) (9.2) (14.9)
Legal and other (0.3) (6.1) (10.4) (15.2)
Acquisition related costs — (1.3) (2.5) (5.9)
Impact on selling and administrative expense (2.9) (8.5) (22.1) (36.0)
Impact on operating income 20.4 (26.1) (21.4) (116.0)
Interest expense, net - financing costs — (0.1) (2.3) (2.3)
Pension and post retirement mark-to-market adjustments and other 3.5 3.8 3.6 3.7
Impact on other income, net 3.5 3.8 3.6 3.7
Impact on income from continuing operations before income taxes 23.9 (22.4) (20.1) (114.6)
Income tax (expense) benefit on above special items (5.8) 4.5 6.1 27.7
Tax adjustments(2) (0.1) 12.5 (1.9) 7.6
Impact of special items on net income from continuing operations $ 18.0 $ (5.4) $ (15.9) $ (79.3)
Diluted earnings per common share impact $ 0.20 $ (0.06) $ (0.17) $ (0.86)
Weighted average shares used to compute adjusted earnings per share:
Diluted 92.2 91.9 92.0 91.8
(1) Special items include charges related to specific strategic initiatives or financial restructuring such as: consolidation of operations; debt
extinguishment costs; costs incurred directly in relation to acquisitions or divestitures; employee separation costs resulting from personnel
reduction programs, plant realignment costs, executive separation agreements; asset impairments; settlement gains or losses and mark-to-
market adjustments associated with gains and losses on pension and other post-retirement benefit plans; environmental remediation costs,
fines, penalties and related insurance recoveries related to facilities no longer owned or closed in prior years; gains and losses on facility or
property sales or disposals; results of litigation, fines or penalties, where such litigation (or action relating to the fines or penalties) arose
prior to the commencement of the performance period; one-time, non-recurring items; and the effect of changes in accounting principles or
other such laws or provisions affecting reported results
2) Tax adjustments include the net tax impact from non-recurring income tax items and certain adjustments to uncertain tax position reserves
and valuation allowances.
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Attachment 4
Avient Corporation
Condensed Consolidated Balance Sheets (Unaudited)
(In millions)
Year Ended December 31,
2024 2023
ASSETS
Current assets:
Cash and cash equivalents $ 544.5 $ 545.8
Accounts receivable, net 399.5 399.9
Inventories, net 346.8 347.0
Other current assets 131.3 114.9
Total current assets 1,422.1 1,407.6
Property, net 955.3 1,028.9
Goodwill 1,659.7 1,719.3
Intangible assets, net 1,450.4 1,590.8
Operating lease assets, net 89.1 65.3
Deferred income tax assets 81.3 92.3
Other non-current assets 153.2 64.3
Total assets $ 5,811.1 $ 5,968.5
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term and current portion of long-term debt $ 7.7 $ 9.5
Accounts payable 417.4 432.3
Accrued expenses and other current liabilities 331.0 331.8
Total current liabilities 756.1 773.6
Non-current liabilities:
Long-term debt 2,059.3 2,070.5
Deferred income taxes 260.4 281.6
Other non-current liabilities 405.7 504.8
Total non-current liabilities 2,725.4 2,856.9
SHAREHOLDERS' EQUITY
Avient shareholders’ equity 2,313.8 2,319.2
Noncontrolling interest 15.8 18.8
Total equity 2,329.6 2,338.0
Total liabilities and equity $ 5,811.1 $ 5,968.5
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Attachment 5
Avient Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
Year Ended
December 31,
2024 2023
Operating activities
Net income $ 170.7 $ 76.2
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 179.7 188.8
Increase in environmental insurance receivable (34.0) —
Deferred income tax benefit (23.8) (61.3)
Share-based compensation expense 15.4 13.2
Changes in assets and liabilities, net of the effect of acquisitions:
(Increase) decrease in accounts receivable (15.2) 38.6
(Increase) decrease in inventories (13.7) 24.3
Increase (decrease) in accounts payable 0.3 (22.2)
Decrease in pension, retirement benefits and deferred compensation (34.3) (8.7)
Taxes paid on gain on sale of business — (104.1)
(Decrease) increase in environmental obligations (11.2) 38.9
Accrued expenses and other assets and liabilities, net 22.9 17.9
Net cash provided by operating activities 256.8 201.6
Investing activities
Capital expenditures (121.9) (119.4)
Net proceeds from divestiture — 7.3
Proceeds from plant closures 3.4 7.6
Other investing activities (2.1) 10.3
Net cash used by investing activities (120.6) (94.2)
Financing activities
Proceeds from long-term borrowings 650.0 —
Payments on long-term borrowings (660.9) (105.8)
Cash dividends paid (94.0) (90.2)
Payments on withholding tax on share awards (6.4) (3.4)
Debt financing costs (9.6) (2.3)
Net cash used by financing activities (120.9) (201.7)
Effect of exchange rate changes on cash (16.6) (1.0)
Decrease in cash and cash equivalents (1.3) (95.3)
Cash and cash equivalents at beginning of year 545.8 641.1
Cash and cash equivalents at end of year $ 544.5 $ 545.8
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Attachment 6
Avient Corporation
Business Segment Operations (Unaudited)
(In millions)
Operating income and earnings before interest, taxes, depreciation and amortization (EBITDA) at the segment level does not
include: special items as defined in Attachment 3; corporate general and administration costs that are not allocated to
segments; intersegment sales and profit eliminations; share-based compensation costs; and certain other items that are not
included in the measure of segment profit and loss that is reported to and reviewed by the chief operating decision maker.
Three Months Ended
December 31,
Year Ended
December 31,
Reconciliation to Consolidated Statements of Income: 2024 2023 2024 2023
Sales $ 746.5 $ 719.0 $ 3,240.4 $ 3,142.8
Gross margin - GAAP 259.5 208.9 1,056.7 892.5
Special items in gross margin (Attachment 3) (23.3) 17.6 (0.7) 80.0
Adjusted gross margin $ 236.2 $ 226.5 $ 1,056.0 $ 972.5
Adjusted gross margin as a percent of sales 31.6 % 31.5 % 32.6 % 30.9 %
Operating income - GAAP 85.6 43.1 329.3 196.8
Special items in operating income (Attachment 3) (20.4) 26.1 21.4 116.0
Adjusted operating income $ 65.2 $ 69.2 $ 350.7 $ 312.8
Adjusted operating income as a percent of sales 8.7 % 9.6 % 10.8 % 10.0 %
Three Months Ended
December 31,
Year Ended
December 31,
Reconciliation to EBITDA and Adjusted EBITDA: 2024 2023 2024 2023
Net income from continuing operations – GAAP $ 48.5 $ 27.6 $ 170.7 $ 76.3
Income tax expense (benefit) 14.8 (7.0) 54.1 11.0
Interest expense 25.5 26.8 105.6 115.3
Depreciation and amortization from continuing operations 45.4 44.2 179.7 188.8
EBITDA from continuing operations $ 134.2 $ 91.6 $ 510.1 $ 391.4
Special items, before tax (23.9) 22.4 20.1 114.6
Interest expense included in special items — (0.1) (2.3) (2.3)
Depreciation and amortization included in special items (0.3) — (1.5) (1.9)
Adjusted EBITDA $ 110.0 $ 113.9 $ 526.4 $ 501.8
Adjusted EBITDA as a percent of sales 14.7 % 15.8 % 16.2 % 16.0 %
Three Months Ended March 31, 2024
Reconciliation to Condensed Consolidated Statements of Income $ EPS(1)
Net income from continuing operations attributable to Avient shareholders $ 49.4 $ 0.54
Special items, after-tax 5.5 0.06
Amortization expense, after-tax 14.9 0.16
Adjusted net income / EPS $ 69.8 $ 0.76
(1) Per share amounts may not recalculate from figures presented herein due to rounding
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Year Ended December 31,
Adjusted Free Cash Flow Calculation 2024 2023
Cash provided by operating activities $ 256.8 $ 201.6
Taxes paid on gain on sale of business — 104.1
One-time payout associated with deferred compensation plans 20.8 —
Adjusted cash provided by operating activities $ 277.6 $ 305.7
Capital expenditures (121.9) (119.4)
Adjusted free cash flow $ 155.7 $ 186.3